The Financial Outlook for Workers has Changed | Monroe Township - Middlesex County
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The Financial Outlook for Workers has Changed

July 21, 2020

Filed under: Asset Protection — Laura Pennington @ 12:36 pm

As a result of Covid-19, many people are thinking about estate planning and financial planning in a whole new different way. Having difficult conversations about end of life and long term care plans has become top of mind for many families who might have had to confront these issues directly.

Even if you’ve maintained your health and your family during this crisis, it’s a good opportunity to step back and plan for your own future. Incapacity planning and updating your estate should be some of your biggest priorities.

Having a loved one diagnosed with Covid-19 or having to prepare loved ones for who is responsible for making medical decisions in the event that you become incapacitated has become a common thread for communication throughout many different families. Many people are also exploring new financial opportunities including side jobs as a result of the uncertainty and significantly changing job market brought about by the pandemic.

A recent survey completed with nearly 2,000 Americans found that 41% of respondents saw a reduction in their work hours that impacted their income, nearly 17% were furloughed and just over 28% had lost their jobs.

The study looked at the many ways in which those people have attempted to pivot or respond, including deferring or adjusting essential payments, tapping into savings, taking out a loan or getting a side job. Now is a good opportunity to schedule a consultation with an experienced estate planning attorney to learn more about protecting your interests.

 

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